CHANDLER, AZ – Rogers Corp. reported second quarter net sales of $214.7 million, up 6.6% year-over-year.

Net income was $17.3 million, down 17.1%. Adjusted EBITDA was $40.7 million, down 12.5% compared to the second quarter of 2017.

"Rogers achieved revenue growth across much of the business; however, margins were below our expectations in the quarter primarily due to additional costs for capacity and activities to reduce cost structure," said Bruce D. Hoechner, president and CEO, Rogers. "We are turning the corner on near-term operating challenges. We are executing well on our strategy, as demonstrated by our recent synergistic acquisition of Griswold, and our ongoing substantial investments in capacity and multi-site readiness, in preparation for the significant growth opportunities in 5G wireless, advanced driver assistance systems, and electric and hybrid electric vehicles. Rogers is well positioned to achieve the performance targets outlined in our 2020 vision."

Advanced Connectivity Solutions reported second quarter net sales of $76.4 million, a 2.7% increase compared to the same period last year. The increase was largely driven by aerospace and defense and automotive advanced driver assistance systems (ADAS) revenues, partially offset by lower demand in portable electronics and wireless 4G LTE applications.

Elastomeric Material Solutions reported second quarter net sales of $79.2 million, up 2.1% year-over-year. EMS net sales increased on portable electronics, consumer, automotive and mass transit revenues, partially offset by lower general industrial and other applications.

Power Electronics Solutions reported net sales of $53.6 million, a 22.2% increase. Net sales increased due to broad-based demand across markets, including strength in electric and hybrid electric vehicles, renewable energy, mass transit and variable frequency drives.

Rogers ended the second quarter with cash and cash equivalents of $174.7 million, down from $181.2 million as of Dec. 31.

Rogers expects third quarter net sales in the range between $220 million and $230 million.
 

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